Legal & General bets on outsider to tackle Brexit valuation gap

06/16 16:15

June 16 (Huobi) - Legal & General, a $17 billion insurer in the UK, has appointed António Simões, the regional head of Europe at Banco Santander, as its new CEO to offset a valuation discount against non-UK rivals. Simões, who lacks experience in the insurance industry, may be seen as a wildcard, but he could accelerate L&G's push into the United States, particularly in asset management. The British insurer trades at nearly 7 times its earnings for the next 12 months, a 25% discount to the average 9 times multiple for European rivals including Zurich, Allianz, and Assicurazioni Generali. The arrival of Simões will cost L&G 1.175 million pounds in annual basic salary, 9% more than the outgoing CEO Nigel Wilson's base pay.

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